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Competitor Analysis: A Secret Successful Businesses Implement

If you want to know how you can understand your business scope and policies, you are at the right place. To understand the parameters of your own business, you will need to identify your competition first. Then you will need to understand their strengths and weaknesses in relation to your own products and services. This will help you identify your own strength and weaknesses that govern your state of affairs.

Ask These 10 Questions To Understand Your Competition:

  1.  Who Are Your Competitors?
  2.  What Are Their Products And Services?
  3. What Is Their Market Share?
  4. What Strategies Do They Implement?
  5. What Type Of Advertising Do They Use?
  6. What Are Their Strengths And Weaknesses?
  7. Do They Threaten Your Business In Anyway?
  8. What Is Their USP?
  9. Do They Create Any Potential Opportunities For You?
  10. How Much Money Are The Spending With Advertising?

The easiest way to understand the business policies and principles of your competition is to construct a competition grid. This is a classic way to primarily understand the kind of competition the competitor businesses pose. Construction of a competition grid can be easy if you have the right kind of information. We can help you find out the answers to all the 10 questions mentioned above.

Here is a brief overview of the conductive analysis procedure you will need today to help your business perform better.

1. Identify Your Competitors

We believe that identifying just one or two competitors will not do your business any good. To understand the true parameters that affect your business, you will need to determine who your top 10 competing websites are. This is true for all local and national companies working out of the United States of America.

Finding your top 10 competitors is not the only thing that is important to consider. You will also need to make a list of all your potential competing companies who might launch a product that can affect the sales your business receives. For example – let us say, you are selling fish flavored cat food in Denver. If there are 2 more companies selling the exact same product, you already have 2 competing companies. However, if there’s an XYZ dog food company that is looking to expand its market, they might decide to market fish flavored cat food to capture new buyers. Therefore, you need to know how many of your current customers would prefer some other brand of cat food to your brand. This is the first and most important step of competitor analysis.

2. What Is Your Market Share?

Once you know your competition, the next step is to find out how much market share you own. You cannot understand your own strengths and weaknesses unless you know your market share. This is also extremely necessary to understand the key business points of your competitors.

If you are currently shipping your product all over Denver, you will first need to break this down to smaller territories and then find out the wallet-share of each territory.

Some Questions To Review About Your Competitors Website Is:

  • Are Their Products Cheaper?
  • Do They Have Better Quality Products?
  • Is Their Shipping Free?
  • Do They Have High-Quality Content?
  • Do They Have High-Quality Images?
  • What Discounts Are They Advertising?
  • What Are Their Marketing Schemes?

This information about who your competitors are is vital in performing a SWOT analysis.

3. What Is A SWOT Analysis?

We help all our clients understand their strengths, weaknesses, potential markets and current threats with the help of a SWOT analysis. Unless you have a strong marketing background, you will find SWOT researching a bit confusing and complicated.

Our SEO Marketing experts can perform a SWAT analysis for your business.

A SWOT researching is a simple framework that graphically represents the attributes of your company. This will help your business minimize threats and make the utmost of all opportunities that come your way.

SWOT Stands For:

  • Strength
  • Weaknesses
  • Opportunities
  • Threat

We make the SWOT analysis of your businesses a lot more simpler than it seems.

Our SWOT researching is the best in Denver, we consider verifiable statements with reproducible results. There are several tools that are currently a part of SWOT and we make sure that each of them is applied at the right stages of marketing and sales. For example, if there is a tool that applies at the product line level; it will never work if you struggle with it at the company level. We make sure that you have the precise results that will help you understand the working and status of your company.

4. Why You Need A Competition Portfolio

Very few SEO companies have even heard of a competition portfolio and most businesses think this process is not beneficial. However, we insist on getting one done since this will clarify all the features, logistics, tangibles and intangibles of your competitors under one report.

You need to treat this portfolio, as very important and you need to update this from time to time. The portfolio includes quite a number of factors that will completely define who your competition is and built a clear picture. Unless you have some expert help, you may end up spending weeks after one competitor portfolio. And, that is not recommended. Since business is forever evolving, you need to be fast and precise. This is why Sand Crest SEO can help you build an accurate portfolio of your top 10 competitors. We utilize the information from your sales team (who have all the current market information) and build a current competition portfolio you can have readily available to use.

5. How Can You Effectively Plan Your Marketing Strategies?

Once you have your competition portfolio, you can move on to the next step, planning strategies. Having the portfolio helps you understand the line of action.

You Have The Following 2 options:

  1. Follow Your Competition’s Pathway Into Success
  2. Forge Your Own Pathway Into Success

Several Factors That Will Help Determine Which Of The Previous 2 Decisions To Make:

  • How Successful Is Your Competition?
  • Are The Steps Financially Feasible For Your Company?
  • Do You Have The Team-Force To Execute Your Competitor’s Plans?
  • Do You Have The Brains And Fortitude To Forge Your Own Path?

Since most of the working strategies are bound by time, you need to be nifty and smart about the execution. Do not waste time between the SWOT analysis and the planning step if you want to reach the height of success. Sand Crest SEO will help you find the fastest link between the two steps so you can move on to the next step without wasting time.

6. What Are The Key Factors About Executing Your Strategies?

In order to get the best outcomes, you need to execute the strategies you think are the best. If you end this process at the previous step without executing the plans, the entire process becomes a waste of time.

However, while you are implementing and executing a plan you must make sure that your company is ready with a contingency plan for your competitor’s reactions. Executing a plan your competitors’ actions do not harm your brand and product. This might take away the advantage of surprise from your brand, but it also minimizes the possibilities of unpleasant surprises from your competition.

7. Why Is It Necessary To Constantly Change And Evolve?

Simply executing the changes is not enough if you want your brand to succeed. Implementation of changes and becoming successful overnight is much easier than holding your place in the competition. Our company can help you understand the different factors that can threaten your current business positions and how the discussed changes are currently affecting your brand.

The measure of this change has to be both quantitative and qualitative. Everything should be documented, so your future generation of marketers knows what changes lead to their contemporary market scenario. This can be quite extensive depending upon the compartmentalization of responsibilities in your business and your area of action. For long-term competitor analysis, you should conduct follow-ups on the changes implemented at regular intervals.

We have been seeing this for the last 10 years. Whatever strategies you may adopt, be sure that your competition is going to respond in a positive way or it may harm your brand image. So correct evaluation of all market strategies, branding mo, es and advertising stances is required before you implement them publicly.

If you have any queries about the current status of your business, scopes of expansion, your future prospects or your business threats, just contact our SEO Marketing experts will get back to you with the best possible solutions for your business.